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there was not a bubble in houston, raleigh, n.c., that winter? -- atlanta? it applied to those cities just as much as san francisco and miami, yet there were bubbles there and no balls in houston, omaha, -- bubbles in houston, ohio, -- global hawk, where have you. host: you conclude the book with "home ownership is not just an american dream, a dream of people all over the world. guest: that is absolutely right. a lot of research has shown that homeownership is one way to help people get out of poverty. if you want to start a small business, it turns out most are started with a loan on a business owner's home. if you want to put your kids through college, you can borrow against your home. homeownership is a way to build wealth. yet we have government saying we should get more people into apartments, fewer people into cinder the -- single-family homes. host: what is the track over last -- >> 8-to-10 years? guest: if we get rid of land use restrictions, i am optimistic, but if we do not, housing prices will go what, then we will be poised for another big financial crisis. host: john joins us from michigan.
that information has not been updated for 40 years. [applause] >> now that that the turnpike extends past the city to the airport, any thoughts about revising the song? >> you mean the turnpike no longer ends in boston, it goes all the way to summer set, no. what town is the airport in? stockridge to chelsea. >> that's got a ring to it but it doesn't rhyme. that's the thing is the internal rhyme. that song has four rhyming schemes going at once. it's got to be boston unless they take it to austin, texas. [applause] >> i want to thank all of you for joining us this afternoon. i want to remind you of our next lunch on december 18, we have leon panetta, i'm sure if you have some advice on how to solve the fiscal cliff, i'm sure he'd like to hear that. >> while you are writing your next song, i'd like to present you with your coffee mug. it might give you some inspiration. >> thank you so much. [applause] >> i want to thank the national press club staff including the journalism broadcast center for organizing today's event. and i was wondering if you had one last song you'd like to sing us out on. [ap
developed regulations. i heard the mayor of a fairly large city talk about what he had learned as a mayor. he had been a central government official before and he realized once you got there, a central government officials do not understand a lives of ordinary people. and then he had to watch the proceedings and the process of drafting the local administrative procedure regulation and he came to understand the importance of procedural justice. that was one of the first times in 35 or 40 years of going to china that i heard a chinese talk about procedural justice. the term is in the vocabulary. i think local experimentation may have the least helped in the increment the building of the change of legal culture. >> that is supposed to be one of the virtues of one of the american federal systems. the laboratories of the experiment. one problem with having the population of 1.3 billion, it is a large population. one virtue is that you can divided into provinces and you can have real experiments. try this over here and try that over there. that is a tremendous virtue. i read in your book, you h
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